With over 83 million people born between 1982 and 2000, millennials make up more than a quarter of the U.S. population, surpassing baby boomers to become the largest generational group in the country.
Luckily for small business owners, buying trends show that millennials prefer supporting small businesses more than other generations do. This generation has made it clear: millennials love small businesses.
To help your small business attract millennial customers, keep reading to understand why they favor smaller companies and learn what your business can do to win and keep their loyalty.
Why Millennials Love Small Businesses
1. Millennials Like to Shop Local
Millennials have a strong sense of community and like to feel connected to the products and services they buy. Because of this, they’re more likely to spend money at a local store than at a large corporation or chain.
2. Millennials Are Drawn to Personalization and Customization
Millennials don’t want to feel like just another customer. They want to feel unique and heard when shopping. They prefer customized products and personalized experiences that smaller businesses can provide.
3. Millennials Like Casual Cultures
This generation has moved away from formal business attire. When millennials walk into a small business, they want to feel at home. The more relaxed they are, the more likely they’ll be to buy. Millennials don’t want to feel pressured; they want the casual, comfortable ambiance that small businesses can offer.
4. Millennials Like to Give Back
Millennials care about giving back to the community and supporting the underdog. They would prefer if every day were Small Business Saturday. Spending money at smaller shops makes them feel better than spending it at larger businesses.
5. Millennials Like Sharing Experiences
Image matters to millennials. They’ve grown up with social media and love sharing their experiences with friends and family. They prefer sharing unique finds from local boutiques over selfies at common department stores.
6. Millennials Want to Work for Small Businesses
Millennials support small businesses because they want to work for them. They seek opportunities that small businesses can provide more easily than large companies, such as taking on bigger responsibilities sooner and working on their own terms.
7. Millennials Want to Be Small Business Owners
Not only do millennials want to work for small businesses, but many also aspire to start their own. Seventy-five percent of millennials want to work for themselves someday, so they support small businesses as an act of camaraderie.
8. Millennials Want to Shop With People They Trust
The recession had a big impact on millennials, leading many to distrust large businesses and corporations. Small businesses tend to appear more genuine and authentic, aligning with millennial values.
9. Millennials Want to Know the Origin of Their Purchases
Much like the farm-to-table trend in dining, millennials are increasingly interested in knowing where their products and services come from.
10. Millennials Want to Be Brand Loyalists
Millennials like to be part of something. If your small business catches their attention and offers a product or service they’re passionate about, or supports a local cause, millennials will become not just customers but brand advocates.
How to Win Millennials’ Business
It’s clear that millennials love small businesses. Here’s how your business can attract these customers:
– Offer Customer WiFi and Other Amenities: Millennials are always connected, so make sure it’s easy for them to stay online in your store and share their experiences with friends and family.
– Get Social: Millennials live on social media. Ensure your brand has a presence on the platforms they use most. Engage with them, respond to their comments, and build relationships. The more emotionally connected they feel, the more likely they’ll be to buy from you.
– Use Discounts and Coupons: Millennials love a good deal. Since they appreciate personalization, tailor your discounts and coupons to their specific wants and needs.
– Do Something Buzzworthy: If your business does something eye-catching, like a flash mob or a viral stunt, millennials will want to get involved. They love being associated with trending events.
– Embrace Your Brand’s Personality: Be authentic. Know your brand identity so millennials know who you are.
– Have a Cause You Care About: Practice social responsibility. If you support a cause or mission people care about, they’ll be more likely to care about your company.
– Embrace Customization: Invest in technology to monitor millennial purchasing habits and interests. This allows you to provide a personalized experience every time they engage with your business.
If you’re a small business that hasn’t tried to reach the millennial market, you might be missing out on many opportunities and benefits. Follow these steps to attract millennials and watch your business grow.
